9 May 2024

POLi payments: who is at risk and what are banks doing?

From Nine To Noon, 9:25 am on 9 May 2024
Image of POLi logo

Photo: POLi

Kathryn speaks with finance commentator and bank customer advocate, Janine Starks, on the POLi payments story.

Consumer NZ is warning that the POLi payments system - which has been used by nearly half of bank customers to make direct payments online without incurring credit card surcharges - could breach their bank's terms and conditions.

The payment system requires users to provide their bank log in details, which could strip a customer of their back protections for internet banking.

POLi says in 45 million transactions over the last 15 years, no customer has ever suffered a loss through using its system.